White & Case Advises DP World on the Posorja Port Project in Ecuador
Global law firm White & Case LLP has advised DP World PLC and its subsidiary DPWorld Posorja S.A. on the approximately US$377 million project financing for a new deepwater multi-purpose port terminal to be located southwest of Guayaquil, Ecuador.
DPWorld Posorja was awarded a 50-year public-private partnership (PPP) for the construction, operation and maintenance of the port terminal, which will be capable of handling containers with an estimated volume of 800,000 TEUs in its first phase. The project includes construction of a 20 km access road to the port and the dredging of a new 16 meters deep access channel that will allow maximizing the cargo capacity of Post-Panamax vessels.
Overall private investment in the port is expected to reach US$ 1.2 billion over two phases, with the goal of transforming the port into one of the most important on the west coast of South America. "Our team is honored to have leveraged our extensive experience in Ecuador to assist DP World in securing financing for such an important project for the country," says partner Jeannine Acevedo.
Financing for the first phase of the project is being provided by the Inter-American Investment Corporation ("IDB Invest"), DEG–Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) and Société de Promotion et de Participation Pour la Coopération Économique S.A. (PROPARCO).
DP World is a leading enabler of global trade and an integral part of the supply chain, operating multiple related businesses—from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions.
The White & Case team that advised on the project includes partners Jeannine Acevedo, Debashis Dey and, in connection with the negotiation of the PPP contract, Sean Goldstein, as well as associates Lauran Guijarro, Gretel Martinez, Raffaele Turco, Chris Bergan and Sankalp Labroo in our New York, Miami and Dubai offices.
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